As per the AnCrypto app, the Secret Recovery Phrase is a 12-word phrase that is unique for every user and generated when you first set up your account or create a new wallet on the AnCrypto app. In case you forget your password or delete your account from the app, the Secret Recovery Phrase will help you recover your wallet and retrieve your password. However, you won’t be able to regain access to your wallet funds if you have signed out or deleted your wallet from the AnCrypto app, and you lost your Secret Recovery Phrase. Thus, it is vital that you properly save your Secret Recovery Phrase. You can write it down on paper, take a screenshot, or use a password manager to save it. But also make sure that you keep your Secret Recovery Phrase confidential, as anyone can get access to your wallet using your Secret Recovery Phrase.
AnCrypto gives complete control in the hands of the master key’s holder #
The Secret Recovery Phrase is so vital for your wallet that even the team of AnCrypto can’t help you recover your wallet in case you lose your Secret Recovery Phrase.
Not even the team at MetaMask can help you recover your wallet and its accounts if you lose your Secret Recovery Phrase. As long as you keep this phrase safe and sound, no one can sign unauthorized transactions from your wallet’s account(s).
There are a lot of benefits to using a self-custody wallet.
- No institution can manipulate your access to your funds. Ever heard the phrase “not your keys, not your crypto”? Well, this is what it refers to. If you use a custodial wallet (where an organization or third party essentially controls the wallet, and acts according to your instructions), there’s very little other than trust preventing the custodian from making off with your funds.
- No merchant you transact with via MetaMask can access more of your personal data than you reveal.
- Your MetaMask wallet can be used almost like a passport, enabling digital proof of identity. The Ethereum Name Service (ENS) is perhaps the most prominent example that self-custodial wallet ownership is increasingly following this route.
The trade-off? Because a MetaMask wallet is self-managed, the responsibility for keeping that wallet safe is entirely yours.
Never ever share your Secret Recovery Phrase with anyone. Sharing your SRP with someone would be like handing over the PIN code to your bank card, or the keys to your house. It would give that person the ability to access and transfer all of your funds. The MetaMask team will never ask you for it. If anyone or any website asks you to share it, they’re trying to scam you.
If you’re more of a visual learner, this quick video should help.
Here are a few essential security tips to help you keep your wallet secure #
What’s the major difference between a password and a Secret Recovery Phrase, and why do you need both?
The AnCrypto app locally encrypts your password with your secret recovery phrase. This means if you lock your wallet, no one will be able to get access to or use your password till you enter the password again. In case you have forgotten your password, still you can gain access to your account by using the Secret Recovery Phrase. It is so because SRP is the key to accessing the wallet and it’s different for every account. But no one, including AnCrypto, can help you retrieve your account if you have lost the Secret Recovery Phrase. Thus, you must keep it safe.
How can you reveal or recover your account’s Secret Recovery Phrase
In case you have lost your Secret Recovery Phrase, but still have access to your account using the password, you can recover the password from the app. To know your password, open the manage tab of the account and select the wallet for which you want to see the secret recovery phrase.
Never share your Secret Recovery Phrase and private keys
Secret Recovery Phrases and private keys are so important that anyone having them can easily access your wallet and remove all the tokens from it. Thus, never ever share your Secret Recovery Phrase or Private keys with anyone.
All of these are the basic tips to keep your wallet safe. However, if you want to keep yourself updated regarding the security trends, we recommend you join the AnCrypto community. Once you become part of the AnCrypto community, you’ll get access to various useful posts, blogs, and updates regarding the AnCrypto wallet. You can also read our FAQs to find easy solutions for some of the common issues.